Nearly $12.7 billion in financial activities suspected of digital asset investment fraud

On September 5, the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) released an analysis of 33,904 Bank Secrecy Act reports filed between September 8, 2023 and December 31, 2025, identifying approximately $12.7 billion in financial activity related to suspected digital asset investment fraud. FinCEN said such scams, also known as "pig killing trays", emotion-inducing scams or cryptocurrency trust scams, are mainly carried out by transnational criminal organizations located in Southeast Asia. Relevant gangs usually induce victims to transfer money through false identities and counterfeit investment websites or apps, and use professional money launderers, shell companies, money mules and stablecoins to transfer funds. FinCEN also issued a risk warning, urging financial institutions to strengthen monitoring and report suspicious activity.